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Results presentation 4 q12

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  • 1. 1COMPANHIA DE GÁS DE SÃO PAULOFinancial and Operational ResultsDecember 31st, 2012
  • 2. DisclaimerThe statements contained in this report regarding the outlook on business,estimations on financial and operational results and growth prospects for COMGÁSare merely estimations and, as such, are based exclusively on managementexpectations regarding future events and tendencies, that affect or may affect thebusiness. These estimations are subject to many risks and uncertainties and aremade considering the information currently available, and depend, substancially onmarket conditions, the Brazilian economys performance, the business sector andinternational markets, and are therefore subject to change without pior notice.Because of these uncertainties, the investor should not make any investmentdecisions based on these estimations and declarations on future operations.
  • 3. Financial and Operational Results
  • 4. 4Highlights Record volume: the total volume distributed was 5,259mm³, 8.8% above that of 2011; Record investments: R$ 616 million in 2012, in which R$ 189 million were invested during the 4Q2012; Record residential connections: 115 thousand new households connected during the year; Record network extension: 1,282 km of network built during the year; Record revenue: R$ 6,5bi of gross revenue and R$ 5,3bi of net sales during the year; Extraordinary tariff adjustment: because of the dollar volatility and consequent raise of gas cost, on 11/29ARSESP authorized new tariffs. Despite the adjustment, the account balance closed the year in R$ 381mm; Funding: on October 2nd, a long term funding contract was signed with BNDES, of the sum total of R$ 1.1billion; ARSESP’s approval: transfer of 60.1% of BG’s participation in Comgás to Provence Participações S.A.(company controlled by Cosan S.A. Indústria e Comércio); Incorporation: in December, Provence Participações S.A. was incorporated by Comgás, resulting in theamount of R$ 844mm recorded as a deferred tax.Year of 2012
  • 5. Fornecimento de Gás Natural: CONTRATOS5Daily quantity contracted:approximately 14.3 millions of m³/day,besides auction contracts.Daily quantity demanded:approximately 12.9 millions of m³.ContractsNatural Gas SupplyContracts TCQ Firm Contract Firm of Energy AuctionContract Models Firm Firm Firm of Energy Firm of Short TermGas Source Bolivian Undetermined UndeterminedSurplus of PBs contracts with otherdistributors / thermal power plantsDQCEnd of Contract Jun/19 Dec/13 Dec/12 Sep/13Commodity +TransportationFixed Charge +Variable ChargeFixed Charge +Variable ChargeTransportation: annualreadjustment according to USAInflation: CPIFixed Charge: annual readjustmentby IGP-MFixed Charge: annual readjustmentby IGP-MCommodity: quarterly correctionbased on Oil Basket+ Exchange RateVariable Charge: quarterlycorrection based on Oil BasketVariable Charge: quarterlycorrection based on Oil BasketPrice8.10 MMm3/day for Aug/2012forward5.22 MMm3/day for Aug/2012forward1.0 MMm³/day according to bidsAccording to the bid made by theAuction Winner
  • 6. 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012Industrial Segment: SectorCompositionCAGR (00-12)10.0%1,6762,2432,9523,4183,8124,3424,7615,0694,2615,253 5,2594,8354,910+8.8%6Volumein million of m372,0%6,8%5,2%3,8%2,1%10,0%Industrial Cogeneration NGV Residential Commercial Thermal Generation22.7%19.0%14.4%12.3%10.1%7.6%6.4%3.4%2.2%1.0%0.7%0.2%CHEMICAL / PETROCHEMICALCERAMICSPAPER AND CELLULOSEMETALS / FOUNDRY AND NONFERROUSGLASS / CRYSTALSDRINKS / FOODAUTOMOTIVE / PNEUMATICTEXTILE / LAUNDRY / DRYCLEANINGOTHERSSTEEL SECTORPHARMACEUTICALELECTRO / ELECTRONIC
  • 7. Meters7Total per Segment*UDA’s (Householders)887.162 871.934 824.457 1,7% 7,6%1.202.805 1.177.761 1.087.705 2,1% 10,6%11.268 11.106 10.381 1,5% 8,5%1.008 1.012 1.002 -0,4% 0,6%2 2 2 0,0% 0,0%25 23 23 8,7% 8,7%324 329 357 -1,5% -9,2%899.789 884.406 836.222 1,74% 7,60%1.215.432 1.190.233 1.099.470 2,1% 10,5%4Q12 4Q11THERMAL GENERATIONINDUSTRIAL3Q12 4Q12 x 4Q11RESIDENTIALNUMBER OF UDAs*COMMERCIAL4Q12 x 3Q12COGENERATIONAUTOMOTIVETOTAL METERSTOTAL CUSTOMERS
  • 8. 8Volume per Segmentin thousands of m3*Excluding Thermal Generation50,469 56,789 48,399 -11.1% 4.3% 198,872 183,028 8.7%28,274 29,293 27,993 -3.5% 1.0% 111,662 108,272 3.1%937,275 970,248 932,850 -3.4% 0.5% 3,788,744 3,850,930 -1.6%89,344 92,440 87,553 -3.3% 2.0% 357,530 345,754 3.4%66,759 70,081 75,799 -4.7% -11.9% 274,809 290,878 -5.5%1,172,121 1,218,851 1,172,594 -3.8% 0.0% 4,731,617 4,778,862 -1.0%12.7 13.2 12.7 12.9 13.1256,790 75,356 10,479 240.8% 2350.5% 527,014 55,884 843.0%1,428,911 1,294,207 1,183,073 10.4% 20.8% 5,258,631 4,834,746 8.8%AUTOMOTIVE4Q12 x 3Q12 4Q12 x 4Q11COMMERCIALTOTALINDUSTRIALCOGENERATION4Q11TOTALMMm³/day*THERMAL GENERATION4Q12 3Q12RESIDENTIAL2012 2011 2012 x 2011
  • 9. 72%7%5%4%2%10%56%4%3%27%9%1%9Margin x VolumeMargin Volumein IFRS5.3 bi m³1.4 bi R$72,0%6,8%5,2%3,8%2,1%10,0%Industrial Cogeneration NGV Residential Commercial Thermal Generation
  • 10. 107177347 3305496688609251.0358389281.1079621.3631.1827161.1702000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 201210CAGR (00-12)22.1%EBTIDAin million of R$Normalized IFRSNote: Calculation of CAGR using normalized results
  • 11. 45 64108 103242319427 4435143684134873676905802365232000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 201211Net Incomein million of R$CAGR (00-12)22.7%Normalized IFRSNote: Calculation of CAGR using normalized results
  • 12. 12Financial Performancein thousand of R$1.467.168 1.413.476 1.067.984 3,8% 37,4% 5.279.523 4.102.660 28,7%-1.083.253 -990.012 -833.143 9,4% 30,0% -3.881.871 -2.996.617 29,5%383.915 423.464 234.841 -9,3% 63,5% 1.397.652 1.106.043 26,4%-124.929 -104.439 -117.250 19,6% 6,5% -426.442 -387.744 10,0%-1.520 -2.217 -1.496 -31,4% 1,6% -9.450 -2.015 369,0%257.466 316.808 116.095 -18,7% 121,8% 961.760 716.284 34,3%-73.438 -77.293 -63.437 -5,0% 15,8% -290.008 -240.595 20,5%-28.957 -47.312 -19.234 -38,8% 50,6% -163.650 -159.960 2,3%155.071 192.203 33.424 -19,3% 364,0% 508.102 315.729 60,9%129.280 127.087 35.155 1,7% 267,7% 366.655 236.139 55,3%Normalized by Current Account (unaudited figures)18.757 2.486 155.205 654,5% -87,9% 230.528 380.025 -39,3%269.935 312.348 270.455 -13,6% -0,2% 1.169.892 1.107.120 5,7%142.598 129.670 138.529 10,0% 2,9% 522.561 490.712 6,5%4Q12EBITDA4Q12 x 3Q12OPERATIONAL RESULTNET SALESCost of Assets and / or Services RenderedExpenditures with Sales, General and Adm.GROSS MARGINDepreciation and Amortization3Q12 4Q11Financial ResultsOther Operational ResultsNET INCOMENET INCOMECURRENT ACCOUNTEBITDA4Q12 x 4Q11 2012 x 20112012 2011
  • 13. 13Financial IndicatorsAnnualized figures18,84 12,38 10,40 18,84 10,403,06 4,24 1,97 3,06 1,970,97 1,35 1,47 0,97 1,472,28 2,45 2,56 2,28 2,560,39 0,40 0,22 0,39 0,220,58 0,59 0,59 0,58 0,5926,2% 30,0% 22,0% 26,5% 27,0%17,5% 22,4% 10,9% 18,2% 17,5%8,8% 9,0% 3,3% 6,9% 5,8%6,1% 10,3% 5,5% 6,1% 5,5%16,2% 34,3% 18,9% 16,2% 18,9%Normalized by Current Account (unaudited figures)30,1% 32,0% 39,8% 33,2% 39,6%20,5% 23,9% 27,7% 24,2% 29,3%10,8% 9,9% 14,2% 10,8% 13,0%4Q12 3Q12 4Q11Return on Assets (%)Return on Equity (%)Gross Margin (%)Net Debt over Equity (x)Net Debt over EBITDA (x)Short Term Debt over Total Debt (x)Current Ratio (x)Gross Margin (%)Net Margin (%)EBITDA Margin (%)2012 2011Equity per share ($)Earnings per share ($)EBITDA Margin (%)Net Margin (%)
  • 14. 14Current Accountin million of R$5284692641532912-55-157-230-198-128-5150204360 362381dec.08 mar.09 jun.09 sep.09 dec.09 mar.10 jun.10 sep.10 dec.10 mar.11 jun.11 sep.11 dec.11 mar-12 jun.12 sep.12 dec.12
  • 15. EIB24%BNDES46%Others30%LongTerm61%ShortTerm39%638277135 170 114 1642875285 91 1841632013 2014 2015 2016 2017 2018forwardLocal Currency Foreign CurrencyEstrutura de Endividamento329220261298 327925Debt Structurein million of R$Debt Amortization Schedule (R$ mm) Debt Composition - 2012Debt 2012 2011 2012 x 2011Short Term Debt 925.305 421.104 120%Long Term Debt 1.435.120 1.452.956 -1%Total Debt 2.360.425 1.874.060 26%(-) Cash 169.725 41.110 313%(=) Net Debt 2.190.700 1.832.950 20%EBITDA 961.760 716.284 34%Net Debt / EBITDA 2,28 2,56 -11%Short Term Debt / Total Debt 0,39 0,22 74%
  • 16. 2.6 2.93.3 3.6 3.94.54.9 5.15.76.26.98.09.32000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012100229200230276474426397 403 406 4055106162000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012InvestimentosMain Projects:Network Extension (in thousand of km):Mogi das CruzesTaubatéOsasco IIGuarulhosSão José dos CamposItaqueraSão Bernardo do CampoRio ClaroJabaquara IIHortolândiaCampinas IIPiracicabaNew Projects:SJBV / AguaíTaboão da SerraSanto AndréSantos Noroeste1671municipalitiesconnectedInvestmentsin million of R$ +21%
  • 17. 17PAY OUT Previous AccountabilityPAY OUT IFRSShareholder Remunerationin million of R$Nota: Payout calculated based on remuneration deliberated by the Company during the period11 1627 25303330 334275 2684274502002001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 201217% 15%26%10%95%77% 75%53%73%105%92%38%74%190%55%
  • 18. 010.00020.00030.00040.00050.00060.00070.00080.0008090100110120130140150CGAS5 - Volume IBOV CGAS5 CGAS3Ibovespa7.4%Comgás PNA33.6%Comgás ON27.8%18Market Performance(Jan – Dec 2012)
  • 19. INVESTOR RELATIONSinvestidores@comgas.com.brwww.comgas.com.br/en/investorsROBERTO LAGECFO andIROPAULO POLEZITreasury andInvestor RelationsANDRÉ SALGUEIROInvestor RelationsRua Olimpíadas, nº 205, 10º floor - Vila Olímpia - CEP 04551-000 / São Paulo - SP - Brazil19